Friday Fundings: Checkr, VanMoof, and Quip
Human Resources Startup Now Sports a $4.6 Billion Valuation
Checkr, a human resources tech startup which counts Netflix (NFLX), Lyft (LYFT), and Coinbase (COIN) as customers, raised $250 million in venture funding. The Series E round was led by Durable Capital and included new investors Fidelity Management & Research as well as Franklin Templeton. Checkr now has a valuation of $4.6 billion.
Checkr, which launched in 2014 and has raised $550 million to date, handles background checks for its corporate customers, processing more than 30 million background checks per year. It relies on artificial intelligence to automate the process. The startup plans to use the money to expand the products it offers and make acquisitions, and it is eyeing an initial public offering as its next step.
E-Bike Startup Raises $128 Million in New Funding
VanMoof, an Amsterdam e-bike startup, raised $128 million in funding, increasing its total fundraising to $182 million in the past 24 months. The Series C round was led by Hillhouse Investment and included participation from existing investors Norwest Venture Partners, Felix Capital, Balderton Capital, and TriplePoint Capital.
The startup, which now claims to be the most funded e-bike company in the industry, has nearly 200,000 e-bikes on the road. It aims to get 10 million people on its e-bikes during the next five years, and hence the need to raise capital. VanMoof plans to use proceeds to reinvent how e-bike hardware and software is made. The goal is to improve the quality and reliability of its e-bikes.
Electric Toothbrush Maker Raises $100 Million
Quip, an oral healthcare startup which boasts more than 7.5 million users, raised $100 million in venture funding. The growth funding was led by Cowen Sustainable Investments, which focuses on sustainable companies. Quip is trying to disrupt the global oral healthcare market which is $450 billion in size by making electric toothbrushes and operating a digital platform.
Proceeds from the fundraising round are earmarked to grow its subscriber base, grow its companion app, and expand its product offerings, which currently includes refillable floss picks, mouthwash, gum, and electric toothbrushes. Quip also plans to use some of the money to branch further into offering virtual services, to expand globally, and to hire more employees.
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